Elrond‘s EGLD token powering the internet-scale blockchain network, which serves as an infrastructure for Web3 payments, DeFi and the new Metaverse economy, has been added to the list of cryptocurrencies available on Revolut, making it accessible for trading on the popular fintech app.
Having its main launch in July 2020, Elrond has since become the second-largest PoS blockchain in the world, after Ethereum 2.0, with 3200 validators spread across different geographies. It’s also the first carbon-negative European blockchain as it offsets more CO2 than its advanced PoS network requires.
Revolut’s listing of EGLD will introduce a broader audience to the frictionless payments at the core of Elrond’s vision, giving a new generation of digital natives a token that is used to fuel the seamless transfer of any type of value globally.
The mobile banking company, valued at $33 billion with a +20M worldwide customer base, aims to increase financial inclusion by allowing its users throughout the EU and UK to buy, hold and sell cryptocurrencies with the same ease as any other digital asset, and now for EGLD as well.
With its EU banking license and the recently granted CASP license for crypto-related services, Revolut operates in 30+ countries (European Economic Area, USA, UK, Switzerland, etc.) and plans to expand into new markets thanks to its constant regulation and compliance efforts.
The most innovative and disruptive startups in the fintech field gravitate towards crypto, bringing unique talent pools and fully engaged communities. You get a game changer when you add to this vision that transcends its product and industry. Elrond is such a project. That’s why we are excited to be able to offer EGLD to Revolut’s customers and help them realize their vision of an inclusive global financial system.Beniamin Mincu, Elrond Network CEO
Elrond has been designed from the ground up to solve the performance limitations of the current blockchain iterations (i.e. Bitcoin, Ethereum) and, in its current network configuration, can process 15,000 transactions per second but can scale beyond 100,000 TPS by leveraging sharding to parallelize transaction processing, thereby being able to accommodate growing demand by adding more shards to the network.
Elrond is a new blockchain architecture designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost, attempting to become the backbone of a permissionless, globally accessible internet economy.
In January 2021, Elrond launched Maiar, the e-wallet of the future. Though having some issues along the way, the Romanian blockchain company Elrond tries to create an ecosystem of reliability, trust and transaction speed.